Global EV Charging Industry To Grow Nearly Tenfold By 2030, Reaching $100 Billion By 2040 – Report

The EV industry is growing rapidly around the world, especially in China and North America. The EV charging industry is a dynamic industry with a wide range of applications. Government initiatives of several countries around the world play a vital role in the development of vehicle charging stations. The race for electric vehicle (EV) adoption is heating up, backed by the tailwinds of consumer interest, massive buy-in by automakers, and ramped-up government funding. 

According to a PwC analysis, the EV charging market could — and will need to — grow nearly tenfold to satisfy the charging needs of an estimated 27 million EVs on the road by 2030. While building such a national charging network can be challenging and require numerous stakeholders and investments, it will be a necessary step to shape — and determine — the viability of the future of all-electric vehicular transport in the US.

The report said, “The number of charge points in the US is poised to grow from about 4 million today to an estimated 35 million in 2030. The electric vehicle supply equipment (EVSE) market could grow from $7 billion today to $100 billion by 2040 at a 15% compound annual growth rate. The number of EVs in the US is estimated to hit 27 million by 2030 and 92 million by 2040, according to PwC’s analysis. The at-work and on-the-go EV charging segments are potentially the fastest growing through 2030. Electric vehicle supply equipment: a $100 billion market by 2040, led by charge point operators, according to a PwC analysis.” 

PwC continued, “The four main value pools of the EVSE market include hardware, software, installers, and charge point operators (CPOs). Of these, according to our analysis, CPOs (which build, operate and maintain EV charging stations) are estimated to account for the bulk of the market’s value from roughly half currently to 65% in 2040 (for revenues of about $65 billion). The EV infrastructure market is projected to grow to ~$100B by 2040 – Charge Point Operators (CPO) will generate most of the revenue among EVSE players through integrated turn-key solutions. Bi-directional charging and advanced home energy systems will require advanced hardware solutions that will drive ~20B in hardware revenue.” 

It concluded, “The fastest-growing charging segment is expected to be the at-work segment, set to grow from nearly zero percent of the entire market to about 17% (or about 6 million charge points) in 2030, according to our study. Apartment buildings (multi-unit residential) are forecast to be another fast-growing segment, rising from near nil currently to about 15% of the market in 2025 and 17% in 2030. Such growth will likely hold important implications for companies as well as engineering and construction firms, which will likely be expected to build charging points into the design of new buildings (e.g., in parking lots or garages) — or retrofit that infrastructure in existing buildings.”